Geosan CEO claims, 'We face the crisis of bankruptcy owing to GS E&C's overuse of power'
Geosan CEO claims, 'We face the crisis of bankruptcy owing to GS E&C's overuse of power'
  • Jung Se-jin
  • 승인 2018.10.29 12:17
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GS Engineering & Construction (GS E&C) CEO Lim Byung-yong's management of the company is under fire. At the general inspection of the National Assembly's political affairs committee, Kwon Chul-soon, the head of Geosan Construction, testified about GS E&C's alleged overuse of its power. However, GS E&C CEO Lim claimed that it had no problem at all.

During a parliamentary inspection on Oct. 25, CEO Kwon said, "Geosan Construction with an annual sales of 10 billion won and over 100 employees is on the verge of collapse as GS E&C swindled 3.7 billion won in labor expenses, dealing a serious damage to Geosan."

However, CEO Lim strongly denied the allegation, explaining, "Geosan asserted that our company gave 40 percent to Geosan Construction with a 100 percent bid, but what is clear is that we received it from our customers."

However, the scandal has escalated as suspicions of unfair contract with another subcontractor, Constec, emerged.

Constec claimed, "We carried out the work by using conventional construction techniques, not the new method we initially proposed owing to GS E&C's unfair demand." Constec claims that its total damage amounts to 10 billion won.

GS E&C CEO Lim, however, asserted, "We had to use traditional methods because the new method eventually failed. As a result, GS E&C also suffered damages."

Attention is focusing on the future course of CEO Lim and GS E&C that directly denied the charges at the parliamentary inspection session.

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